The first round of bidding will conclude at the end of March, with Axa and Affin Bank seeking $650 million.
Singapore's Great Eastern, majority-owned by Oversea-Chinese Banking Corp., and Italian insurance giant Generali are considering bids for the life and general insurance businesses of the Axa and Affin joint venture in Malaysia, «Bloomberg» reported (behind paywall) on Wednesday, citing people familiar with the matter.
The owners are looking to raise $500 million from the sale of AXA Affin General Insurance, 49.99 percent owned by Axa, and 49.95 percent owned by Affin Bank. It is one of Malaysia's top medical and health insurers, underwriting RM1.44 billion ($347 million) in gross earned premiums and a net income of RM100 million in 2018, the publication said.
AXA Affin Life, set up in 2006, is 51 percent owned by Affin and 49 percent owned by Axa. It earned gross premiums of RM463.4 million in 2018, with losses of RM8.1 million. Its owners are looking to raise $150 million from its sale.
